HONOLULU--(BUSINESS WIRE)--Ward
Village®, a master planned community by The
Howard Hughes Corporation® (NYSE: HHC), announced today sales
results on its latest residential building, Ke
Kilohana at 988 Halekauwila Street. The 43-story, 424-unit mixed-use
condominium high-rise includes 375 residences reserved for qualified
Hawaiʻi residents. After commencing sales on Saturday, April 16, 100% of
the 375 reserved homes offered for sale were under contract in less than
five days.

The Howard Hughes Corporation began conducting a series of homebuyer
educational seminars in late 2015 that allowed potential buyers to learn
about Ke Kilohana. Following the educational seminars, which brought
thousands of people interested in becoming residents of Ward Village,
The Howard Hughes Corporation received 956 completed applications for
the 375 reserved housing units. A lottery was held on Friday, April 15,
and buyer appointments began on Saturday, April 16. By Wednesday
afternoon, all 375 homes were contracted, and remaining applicants have
been placed on a backup list for any future availability.

“Demand for Ke Kilohana has exceeded our expectations. In keeping with
our vision for Ward Village, the building was designed to enrich the
lives of the community’s future residents with exceptional architecture
and amenities to deliver a level of quality far beyond what is typical
in the market for this product type,” said David R. Weinreb, Chief
Executive Officer of The Howard Hughes Corporation. “We continue to see
strong desirability to live in Ward Village and experience this new
urban lifestyle in the heart of Honolulu.”

Designed by Los Angeles-based AC Martin in partnership with
Honolulu-based CDS International, Ke Kilohana is designed for a
lifestyle of convenience, connectivity and well-being with amenities
that include two signature skylanai with stunning ocean
views; a private movie theater; a fitness center with a workout area; a
workspace with meeting areas; a karaoke room; a dog stop; a landscaped
sky deck with BBQ grills; indoor/outdoor lounges for dinner parties and
casual events; and a flagship 23,000-square-foot Longs Drugs on the
ground floor.

Construction for the building is expected to begin later this year.

Ward Village’s 60-acre master plan located in Kaka‘ako between downtown
Honolulu and Waikiki continues to develop into a one-of-a-kind community
in Honolulu that offers a range of housing with exceptional amenities
and a distinct lifestyle. Ward Village is the largest LEED–ND Platinum
Certification neighborhood development in the U.S., and the surrounding
Kaka‘ako area was recently named by Trulia as the neighborhood with the
best amenities among cities of under one million people. To date, Ward
Village has contracted to sell over 1,000 homes.

Developed by The Howard Hughes Corporation, Ward Village is a new
60-acre coastal master-planned community in the heart of Honolulu
between downtown and Waikīkī in the Kakaʻako district. Ward Village
includes three mixed-use residential towers - Waiea®, Anaha® and Aeʻo -
that are now under construction and will transform the popular shopping
and dining district into a vibrant neighborhood offering exceptional
residences with incredible island and ocean views and a carefully
curated mix of retail experiences set among dynamic public open spaces
and walkable streets.

Waiea, which will open in late 2016, will include 175 residences and be
home to internationally acclaimed restaurant Nobu Honolulu. Anaha,
opening in 2017, will include 318 residences and the first Merrimanʻs
restaurant on Oahu. Aeʻo will complete construction in 2018; it will
include 466 residences and Oahu’s flagship Whole Foods Market.

This growing community includes two additional developments: Gateway
Towers and Ke Kilohana at 988 Halekauwila St. The first building of
Gateway Towers on Ala Moana Boulevard will bring the architecture of
world-renowned architect Richard Meier to the Honolulu skyline. Ke
Kilohana launched its sales in 2016 and will bring housing targeted
exclusively for local residents and a 23,000-square-foot Longs Drugs to
the neighborhood.

The vision for Ward Village is consistent with the master plan approved
by the Hawaiʻi Community Development Authority in 2009, which allows for
up to 9.3 million square feet of mixed-use development, converting into
more than 4,000 residences and over one million square feet of retail
space.

Ward Village is Hawaiʻi’s only LEED-ND Platinum-Certified project and
the largest neighborhood development in the country to receive such a
prestigious certification. The Information Center and Residential Sales
Gallery is located at the iconic IBM Building located at 1240 Ala Moana
Blvd. For more information, visit www.wardvillage.com.

About The Howard Hughes Corporation®

The Howard Hughes Corporation owns, manages and develops commercial,
residential and mixed-use real estate throughout the United States. Our
properties include master-planned communities, operating properties,
development opportunities and other unique assets spanning 16 states
from New York to Hawai‘i. The Howard Hughes Corporation is traded on the
New York Stock Exchange as HHC with major offices in New York, District
of Columbia, Maryland, Dallas, Houston, Las Vegas and Honolulu. For
additional information about HHC, visit www.howardhughes.com.

Safe Harbor Statement

Statements made in this news release that are not historical facts,
including statements accompanied by words such as “will,” “believe,”
“expect,” “enables,” “realize”, “plan,” “intend,” “assume,” “transform,”
and other words of similar expression, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on management’s expectations,
estimates, assumptions, and projections as of the date of this release
and are not guarantees of future performance. Actual results may differ
materially from those expressed or implied in these statements. Factors
that could cause actual results to differ materially are set forth as
risk factors in The Howard Hughes Corporation’s filings with the
Securities and Exchange Commission, including its Quarterly and Annual
Reports. The Howard Hughes Corporation cautions you not to place undue
reliance on the forward-looking statements contained in this release.
The Howard Hughes Corporation does not undertake any obligation to
publicly update or revise any forward-looking statements to reflect
future events, information or circumstances that arise after the date of
this release.

About Reserved Housing

Reserved housing is a program created and administered by the Hawaii
Community Development Authority (“HCDA”), the state agency that oversees
development of Kaka‘ako, which includes the 60 acres of Ward Village. As
a part of the entitlement process for the development of Ward Village,
including the approval of its master plan, a designated percentage of
total units, based upon actual build out under the master plan, must
fall within the Reserved Housing program. The program sets certain buyer
qualifications (including residency, family income, and asset holdings)
and unit prices, based upon factors such as HUD-reported area median
income limits for Honolulu, expected maintenance fee and real property
taxes, and current interest rates at the time of pricing.